I usually spend my time, if the seller is present, keeping him/her out of the way if needed, pumping tenants for info, taking measurements for room sizes and drawing floor plans with doors and windows and noting appliances and taking pictures.We look for value add properties that are in decent structural and mechanical condition (except for one deal that we got really cheap).

Morris SUPPOSEDLY replaces the roof and all of the mechanicals so that you SHOULDN'T have any of those issues for many years.

Once those are complete, rough plumbing, electrical and mechanicals can be started (rough plumbing should go first, then mechanicals as these are the larger sized items and rough electrical is easier to work around them than vice versa.

I would make sure they are both up-to-date on repairs and mechanicals before investing in a third asset that could have repairs come due all at the same time as your others.

The most likely scenario is that you refuse to pay him, or make him an offer he doesn’t accept, and he files a mechanics lien on the property. 

I wish we had this mechanism up here in the NW It would allow many more projects to get built.

I think podcasts are a great vetting mechanism.

I'm in the Reno, NV area and while it's not a high fire risk in many areas insurance companies are looking very closely at the mechanicals of buildings before insuring properties or before writing a policy.

Interior from mechanicals, windows, etc will be all new.

@Renee Ren before you make any investment via Fundrise or any other crowdfunding marketplace, please carefully review the liquidity mechanisms as described in the offering documents and consult an experienced securities attorney if there is any ambiguity.